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    Rev% GM % EBITDA% EBIT% PBT% PAT%

    100%

    40%

    20% 18% 17% 15%

    Profit Waterfall A

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    2010 2009 2008 2007 2006

    0%

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    50%

    75%

    100%

    Sales% GM% EBITDA% EBIT% EBT% NIM%

    Walmart Profit Waterfall

    0%

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    2013

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    2009

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    2007

    2006

    2005

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